Singapore’s housing landscape is changing. More people are choosing to live in private condominiums than ever before. Singapore Department of Statistics (SingStat) data reveals that over 700,000 residents, including both Singapore Citizens (SCs) and Permanent Residents (PRs), live in private condos by 2024. This figure almost doubled the stat from 15 years ago – a huge shift driven by changing housing preferences, higher incomes, and a strong desire to upgrade from public housing.
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Who’s choosing private condos?
As reported by The Bussiness Times, SingStat data shows that nearly 17% of Singapore’s residents now live in private condominiums, a significant increase from just 10% in 2009. In contrast, the proportion of people living in HDB flats has fallen from 83% to 76%. Even the number of landed home residents has declined slightly.
This shift is not just about numbers. It reflects a growing preference for private housing among younger buyers. More Millennials and Gen Z buyers now see condos as a lifestyle upgrade. The appeal of better facilities, privacy, and investment potential makes private homes more attractive than ever. Additionally, PRs with limited options continue to see condos as a viable choice, even with the Additional Buyer’s Stamp Duty (ABSD).
More Singaporeans own condos now
Not only are more people living in private apartments, but homeownership rates among condo residents have also surged. In 2024, 85% of Singapore resident households living in condos and other apartments owned the properties they lived in.
In 2009, only about 91,000 households owned the private condos they occupied. By 2024, this number had soared to over 220,000. Many of these buyers used to own HDB flats, which they sold at high resale prices before upgrading to private homes.
However, while upgrading has been a trend for years, analysts said it might slow down in the future. Private property prices are now at record highs. With Singapore’s economy becoming more competitive, some buyers may think twice before making the jump.
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6 reasons why more people opt for private condos
Several factors may explain the shifting property trend toward private condos. We have listed them down for you here!
Rising household incomes
In 2024, the median income for resident households was S$9,541 a month. This number has grown by approximately 78% since 2009, enabling more Singaporeans to afford private homes. On top of that, more first-time buyers could find themselves ineligible for HDB’s Build-To-Order (BTO) as their combined income exceeds the S$14,000 ceiling.
Increasing HDB resale price
Compared to a year prior, HDB resale prices surged by 9.7% in 2024, surpassing the 3.9% growth in private home prices. This price appreciation encouraged many HDB owners to sell at a profit and upgrade to private housing instead.
Additionally, first-time buyers who are “priced out” of the BTO market might lean toward private condos instead of HDB resale for lifestyle and long-term investment reasons.
Demand from HDB upgraders
Many HDB upgraders opted for resale condos in suburban areas, where they could find more space at lower price points. Popular projects among HDB upgraders in 2024 include Treasure at Tampines, High Park Residences, Stirling Residences, The Tapestry, Kingsford Waterbay, and Parc Botannia, among others.
Moreover, developers are set to launch over 5,600 units of condominiums and executive condominiums (ECs) in the suburbs in 2025, accounting for nearly 43% of the new supply. This increased availability is likely to sustain interest among HDB upgraders.
Investment potential
Despite the robust price increase of resale HDB flats, buyers see private property as a better long-term investment. HDB flats come with strict rules on renting and selling, such as the Minimum Occupation Period (MOP). Private properties, on the other hand, offer more flexibility and better resale value.
Households getting smaller
Households getting smaller is another possible reason behind this trend of condo living. Singaporeans are marrying later and having fewer children. This means fewer people need large homes, making compact-layout condos a practical choice.
Statistically speaking, the average household size among Singapore residents declined to 3.11 in 2023, from 3.7 in 2020. The proportion of single-person resident households almost doubled in that time, to 15.6 per cent from 8.2 per cent.
Younger buyers entering the market
Market analysts also said that around 30% of new private home buyers are under 35 years old now. More Millennials and Gen Z have entered the market due to their preference for private, modern housing.
Will this condo living trend continue?
Experts believe the shift towards private homes will go on as long as the economy continues to grow, especially when HDB resale prices are still on the rise. Forget the million-dollar HDB market, the number of resale flats sold for as low as $$800,000 is reported to have risen significantly from 2,569 units in 2022 to 4,359 units in 2024.
The rising price trend could make it harder for some to afford flats in prime areas, and weigh their options onto the suburban private condos instead. On the other side, some older homeowners are now selling their private properties and moving back to HDB flats. This “downgrading” trend could further increase HDB resale prices even more.
However, in terms of HDB upgraders, experts believe the number will decrease over time. Past data in 2024 revealed that HDB upgraders make up around 30% of the total private condo transactions. This was significantly lower than the figures recorded in 2012, where nearly half of all transactions were made by the upgraders.
Additionally, the introduction of new measures, such as the 10-year MOP for Prime and Plus BTO flats, could further slow down the upgrading cycle. Buyers of these flats must now wait longer before selling, which may limit the pool of potential upgraders.
Planning to upgrade? Take a look at your options here and run it by with 99.co’s affordability calculator!
About Ananda Bayu
Ananda has been wrangling Singapore's complex real estate trends into readable bites since 2020. She writes like she's explaining it to a friend over kopi — because who has time for jargon? When off the clock, she’s probably doom-scrolling through cat memes on X, convincing herself it's the highest tier of "creative inspiration".
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